Sacred Heart Manor

Rose Community Capital is pleased to announce the recent closing of FHA 241(a) sub-rehab loan for Sacred Heart Manor located in Lorraine, Ohio. Sacred Heart Manor is a 51-unit Senior Section 8 property that was rehabbed using a combination of FHA loan proceeds and 4% LIHTCs.

The FHA 241(a) is a supplemental loan that is in B position behind the FHA 223(f).  The combined LTV on this affordable project cannot exceed 90% with a DSCR of 1.11.  This allowed the owner to preserve the value of their very low interest rate on the prime debt.